The first exchange -traded fund (ETF) Built around a meme coin could hit the market this week, after several delays and a lot of speculation.
DOGE ETF Formally called Rex Shares-Oplrey Dogecoin Etf (Doje) -In originally planned to debut last week with a handful of political theme and crypto-related ETFs. These included funds tied to Bonk XRP, Bitcoin And even a Trump-themed fund. But Doje’s debut was never realized.
Now, Bloomberg Etf analysts Eric Balchunas and James Seyffart believe on Wednesday are the most likely launch date, though they warn that nothing is safe.
“It’s more likely than not,” Seyffart said. “It seems like the basic case.”
Prior to the introduction of ETF, DOGE has been among the best artists over the past month, in front of 15% even including a 3.5% decrease during the last 24 horus.
If launched, Doje would mark a milestone as the first US ETF to focus on a meme coin – cryptocurrencies, which generally lacks utility or a clear economic purpose. These include tokens like Dogecoin, Shiba Inu And Bonk, often rising in popularity thanks to internet culture, celebrity endorsements and speculative trade.
Balchunas described Doje’s meaning in a post on X: “First OS ETF ever to keep something that has no utility on purpose.”
Doje is not a spot etf. This means that it does not hold DOGE directly. Instead, the fund will use a Cayman Islands-based subsidiary to get exposure through futures and other derivatives. This approach separates the need for physical custody over the coin, while still offering dealers a way of betting on its performance within a traditional broker account.
ETF was approved earlier this month under the investment company’s 1940 law, which is typically used for mutual funds and diversified ETFs. It separates it from the wave of Bitcoin ETFs receiving green lights under the Securities Act of 1933, a framework used for raw material -based and asset -supported products. In short, Doje is structured more like a mutual fund than a protection.
More direct exposure is coming soon. Several companies have filed applications to start Spot Doge ETFs, which would even contain Meme Coin rather than derivatives. These applications are still under review of the US securities and exchange commission (SEK)which has grown more comfortable with crypto -Tfs since the approval of a slate with Bitcoin products by the beginning of 2024.
The wider crypto market has shown that demand for the investor can offset basic criticism. Meme -coins have long drawn skepticism for not having any underlying value or use of use, but that has not prevented them from drawing billions in speculative capital.
Seyffart said the ETF market is likely to follow the same way. “There are a lot of products like this, whether you love it or need what they are going to market,” he said.
He added that many existing financial products serve no deeper purposes than providing a vehicle for short -term bets. “There are lots of products out there that are just used as a game or short -term trade,” he said. “So if there is an audience for this in the crypto, I would not be surprised at all if this finds an audience in ETF and Tradfi World.”
Whether Doje Etf opens the door to several meme coin fonds – or just proves that the concept is viable – can depend on how the market responds this week. Either way, it signals a new phase in the merger of Internet culture and traditional funding.
